Author Archives: cyprusmail

International News October 29, 2014

Zambia’s Scott becomes Africa’s first white leader in 20 years

By Chris Mfula

Zambia’s Guy Scott became Africa’s first white head of state in 20 years on Wednesday after the president, “King Cobra” Michael Sata, died in a London hospital aged 77.

Scott, a Cambridge-educated economist born to Scottish parents, had been Sata’s vice president. He will be interim leader until an election in three months, making him the first white African leader since South Africa’s F.W. de Klerk lost to Nelson Mandela in the 1994 election that ended apartheid.

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International News October 29, 2014

US rocket explosion probed; space station resupplied

By Ian Simpson and Irene Klotz

Authorities on Wednesday started investigating what made an unmanned US supply rocket explode in a fireball moments after lifting off from a launch pad in Virginia, destroying supplies and equipment bound for the International Space Station.

The 14-story Antares rocket, built and launched by Orbital Sciences Corp, blasted off from the NASA Wallops Flight Facility on Wallops Island at 6:22 p.m. (2222 GMT) on Tuesday but burst into flames moments later. It was the…

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International News October 29, 2014

More than 100 believed killed in Sri Lanka landslide

By Shihar Aneez and Ranga Sirilal

A landslide in hilly south-central Sri Lanka is believed to have killed more than 100 people on Wednesday as it buried scores of houses, a government minister said, and the toll is likely to rise.

The landslide hit a village in the tea-growing area of Sri Lanka after days of heavy monsoon rain, with more than 300 people listed as missing.

“More than 100 people are believed to have died,” Disaster Management Minister Mahinda…

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International News October 28, 2014

Lava flow from Hawaii volcano crawls toward homes

By Karin Stanton

Lava flow from the Kilauea volcano that has been creeping toward inhabited areas of Hawaii’s Big Island for months is now just 70 yards (meters) from the nearest residential property, authorities said on Monday.

Residents in the path of the lava have been placed on alert for possible evacuation, and smoke advisories have been issued for downwind areas, the County of Hawaii said in a civil defense alert.

The lava flow, which first bubbled out of the…

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Local News October 27, 2014

Minister of Agriculture participates in FAO conference

Minister of Agriculture, Natural Resources and Environment, Nicos Kouyialis, will participate today in the Conference “The Global Dialogue on Family Farming” organized by the Food and Agriculture Organization of the United Nations (FAO) in Rome.

According to an official press release, Kouyialis will also be the key speaker at an event on “The role of Women in Family Farming” which is co organized by the Republic of Cyprus and FAO.

Subsequently, the Minister of Agriculture will travel to Luxembourg to…

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Business Local News October 27, 2014

ACB satisfied with stress tests results

The Association of Cyprus Banks (ACB) has expressed satisfaction with the positive results of the Comprehensive Assessment of four Cypriot banks by the European Central Bank and the European Banking Authority.

ACB notes in a press release that the completion of the exercise strengthens the efforts made both at home and European level to achieve transparency, consolidating stability and building confidence in the financial system and the banking sector across Europe.

According to the Association, the results of the Comprehensive…

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Business Local News October 27, 2014

Pre-emptive capital raise covers capital shortfall, BoC says

The pre-emptive €1 billion capital raise ensured that the Bank of Cyprus absorbed the capital shortfall that emerged from the ECB comprehensive assessment carried out by the European Central Bank, the Bank of Cyprus has said in a press release.

Stress test revealed a capital shortfall amounting to €919 million in the adverse scenario. The gap was covered by the €1 billion capital raise resulting in an overall surplus of €81 million.

“The positive result of the Comprehensive Assessment reaffirms…

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Business Local News October 27, 2014

We can face future with optimism, says CBC Governor

Central Bank of Cyprus Governor Chrystalla Georghadji has said that results of a comprehensive assessment for Cypriot banks by ECB and EBA published on Sunday are good cause to face the future with optimism.

“The results are particularly positive for the Cypriot economy, since they demonstrate that the actions taken during 2014 and all the efforts and actions for boosting the banking sector were more than satisfactory” Georghadji said during a press conference after the publication of the pan-European stress…

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International News October 27, 2014

Brazil’s Rousseff re-elected by grateful working-class, country divided

By Paulo Prada

Despite opposition from nearly half of Brazil’s voters, leftist President Dilma Rousseff won re-election on Sunday and will have another four years to try to revive growth in a once-booming economy gone stagnant.

The 66-year-old Rousseff, who was a Marxist guerrilla in her youth, overcame growing dissatisfaction with the economy, poor public services and corruption to narrowly clinch a second term for herself and the fourth in a row for her Workers’ Party.

After a bitter, unpredictable…

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Local News October 24, 2014

Ministry announces completion of SAR operation for crashed aircraft

The Ministry of Defence announced on Friday that the Search and Rescue (SAR) operation for the detection of a small aircraft that crashed at sea 50 nautical miles south-east of Larnaca, was completed with the finding of the remains of its two passengers.

“This outcome, regardless of its tragic nature, is due to the rapid response of the Cyprus authorities under the coordination of the Joint Rescue Coordination Centre (JRCC) of the Republic of Cyprus, which was immediately mobilised, according…

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